New High-Grade Gold Results At Guyer Target Area

Iceni Gold Limited (ASX: ICL) (Iceni or the Company) is pleased to provide an exploration update on the Guyer Well Target Area.

Highlights

• High-grade rock chip assays have been returned from the Guyer target area with assays including:
  136g/t Au 126g/t Au 67.4g/t Au 18.3g/t Au 15.5g/t Au.
• Gold bearing rock chips support existing targeting work.
• Ongoing fieldwork has discovered over 700 gold nuggets along the Guyer Trend to date.
• More than 100 gold nuggets have been recovered during the last 4 weeks.
• Results from Guyer South AC drilling have identified bedrock gold anomalism beneath transported cover.
• Exploration work has located historic workings associated with the 11km long granite contact and the 7km long banded iron formation (BIF) Trend at Guyer.
• Mineralisation associated with granite contacts or BIF trends occur at major regional mines such as King of the Hills, Mt Morgans, Granny Smith and Sunrise Dam.
• Elevated tellurium (Te) in Guyer rock chip results is similar to nearby gold deposits known to have tellurides, like the Sunrise Dam, Wallaby and Jupiter gold deposits.
• The Guyer North target is presently being prepared for the commencement of exploration drilling.

“New high-grade gold results have been discovered within the Guyer target area, providing strong evidence of deeper buried mineralisation being revealed at surface by the Company’s ongoing exploration work.

The high-grade rock chip results from in-situ outcrop are exciting because they confirm and support the existing gold UFF+ soil anomalies.

The Guyer South AC drilling results also demonstrate that gold anomalism is concealed beneath deep transported cover.

The Guyer target area continues to deliver in-situ gold bearing rock chips and significant numbers of gold nuggets over key areas, and these results continue to strengthen the previous results from broad spaced Air Core holes, specifically at Guyer North, where a number of significant targets are being prepared for future exploration drilling”.

Figure 1 Gold rock chip assays across the Guyer Well target area and the Guyer South AC results.

Ongoing rock chip sampling across the Guyer target area has delivered several significant gold results, that include several high-grade gold results at Granite Contact South, Guyer North and East Well. The gold anomalism is supported by multi-element geochemistry, which reinforces the anomalies.

The majority of gold anomalous samples are hosted by quartz veining in granite, andesite or sediments, sometimes displaying evidence of sulphides or boxworks after sulphides.

Peak gold values from rock chip sampling include the following results:

Guyer North

Rock chip samples from the Guyer North prospect returned significant gold results that support the existing gold anomalies. Gold mineralisation was associated with quartz veining in andesite on the eastern side of the ridge at Guyer North. A number of these samples had anomalously high silver values when compared to gold. This geochemical relationship could be indicative of an earlier epizonal style of mineralisation.

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